600 BC: Pythius became identified as the first banker that had records.

He was operating both in

Western Anatolia and in Greece.
The arrival of coin usage as a means of representing money was represented in the years between
(600-570 BC) (1) Chinese started to use coins made of base metal. The cities under the Greek
empire such as Aegina (595 B.C.), Athens (575 B.C.) and Corinth (570 B.C.) started to mint their
own coins.
Leading thinkers and statesmen, such as Marcus Pocius Cato Censorius [Cato the Elder] (234 BC-
149 BC) and Marcus Pocius Cato Uicensis [Cato the Younger] (95 BC-46 BC) as well as Marcus
Tallius Cicero (106 BC-43 BC), Lucius Annaeus Seneca (4 BC-AD 65) and Masterius Plutarch (46
AD-120 AD) were against usury. In Republican Rome (340 BC) interest was outlawed altogether
(Lex Genucia reforms). Under the banner of Julius Caesar, a ceiling on interest rates of 12% was
set, and later under Justinian, it was lowered even further to between 4% and 8%.
The core of finance in history was more focused on the banking system, the field of finance was
narrow. It took almost 2500 years to develop a system of interest, mint coins, bring in theories of
interest and inflation.[4] [1][2]

The financial system[edit]

Main articles: Financial services, financial market, and Circular flow of income
As above, the financial system constitutes the flow of capital, between individuals (personal finance),
governments (public finance), and businesses (corporate finance). Although they are closely related,
the disciplines of economics and finance are distinct. The "economy" is a social institution that
organizes a society's production, distribution, and consumption of goods and services, all of which
must be financed.
Generalizing, an entity whose income exceeds its expenditure can lend or invest the excess,
intending to earn a fair return. Correspondingly, an entity where income is less than expenditure can
raise capital usually in one of two ways: (i) by borrowing, in the form of a loan (private individuals), or
by selli